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 At a meeting on November 10, 2004, Benesse Corporation's Board of Directors resolved to increase the Company's interim dividend per share for fiscal 2004, ending March 31, 2005. Details are as follows.

1.Reasons for increase in dividend
One of Benesse's fundamental policies is to return profits to shareholders, while taking into account the Company's results, the dividend payout ratio and other factors. Benesse is also committed to achieving a sustainable dividend payout ratio target of at least 35% for the foreseeable future.

In line with this policy, and in light of the Company's operating performance in the fiscal 2004 interim period, ended September 30, 2004, Benesse has decided to pay an interim dividend as detailed below. There is no change to the forecast for the year-end dividend announced on May 12, 2004.

2.Interim Dividend Per Share for Fiscal 2004 (April 1, 2004 - March 31, 2005)

Interim dividend per share
Fiscal 2004: 25.00 yen
Fiscal 2003: 14.50 yen

(Reference)
Year-end dividend per share
Fiscal 2004: 25.00 yen (Forecast)
Fiscal 2003: 25.50 yen

Full-year dividend per share
Fiscal 2004: 50.00 yen (Forecast)
Fiscal 2003: 40.00 yen